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WHUT (Howard University Television) 1
Search Results 0 to 4 of about 5 (some duplicates have been removed)
Dec 27, 2012 3:00pm PST
the onset of the so-called fiscal cliff. obama and republican leaders remain at a crossroads on reaching a budget deal before the combination of spending cuts and tax hikes kicks in with the new year. on wednesday, treasury secretary timothy geithner told congress the u.s. will reach its federal borrowing limit on new year's eve, threatening the same default that was narrowly avoided last year. in a letter to lawmakers, geithner vowed to take extraordinary measures to avoid a new default but said any remedies would only be short- term. the u.s. has acknowledged for the first time a carried out a september drone strike that killed 11 people in yemen. the victims were packed into ain truck on a desert road in a town of radda when they're struck by a missile. the washington post reports the yemeni government tried to hide u.s. responsibility for the attack by taking credit for carrying it out. the yemeni government also initially claimed only militants were killed in the strike, or forced to withdraw that claim after mourners tried to bring the dead bodies to the gates of the presidential residence. according t
Dec 28, 2012 3:00pm PST
economist, as we had on a few weeks ago, dean baker. he said the whole fiscal cliff issue is way overblown, that come january 1st, yes, we will be subject to higher tax withholding rates but not a lot of people are paid on january 1. if a deal is worked out in the first or second week of january, we will probably not see any extra deductions from our paycheck. and if we do, you'll get it back in the second paycheck. what is your response? >> dean baker is right. but let's be clear about one thing. if the white house understands one thing, it is behavior economics. they basically cut their teeth on the liberal economics in coming in and try to induce people to believe things are better when they are when they're not. this whole fiscal cliff discussion while it may have its imaginary dimensions, has a real effect. you're seeing a decline in confidence. there will be a slowdown in the economy. it is true the country can cobble together a deal in the new year, but in the meantime, there will be a lag in which you will see an economy that is already weak further weakened. but i want to go back to something. we have to start creating jobs. this debt-based economic system where the next discussion is 16 -- $16.4 trillion, will we not
Search Results 0 to 4 of about 5 (some duplicates have been removed)